Graphic Packaging Holding Company · NYSE:GPK
Graphic Packaging — Q4 2025 Earnings Presentation
21 slides from Graphic Packaging's earnings presentation, Feb 3, 2026
Slide 1: Fourth Quarter and Full-Year 2025 Earnings & Investor Update
Fourth Quarter and Full-Year 2025 Earnings & Investor Update February 3, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Any statements of the Company’s expectations in these slides, including, but not limited to, statements regarding full-year 2026 capital expenditures, free cash flow (“FCF”) and Adj. Cash Flow, 2026 Net Sales, volum
Slide 3: Today's Presenters
Today’s Presenters Robbert Chuck Rietbroek Lischer SVP, Interim Chief President and Chief Financial Officer and Executive Officer Chief Accounting Officer 20+ Years of Public Company Finance and 25+ Years of CPG Leadership Across Accounting Leadership: Four Continents 6+ Years at Graphic Packaging ▪
Slide 4: Topics and Key Takeaways for Today's Discussion
Topics and Key Takeaways for Today’s Discussion ✓ Initiated 90-day comprehensive review of our organization structure, operations and operations footprint, including on-site assessments of operations and conversations with key stakeholders and customers, and Business Review I and Assessment selectiv
Slide 5: Graphic Packaging – A Strong Foundation for Long-Term Value Creation
Graphic Packaging – A Strong Foundation for Long-Term Value Creation Leading Sustainable Consumer Packaging Company ✓ Best-in-class, experienced team with core competencies in manufacturing 3,000+ excellence, customer engagement and innovation Customers ~3,100 ✓ Long-term customer relationships with
Slide 6: Initial Observations
Initial Observations Situation Assessment Initial Takeaways Organizational & Operational ◼ Current environment is challenged: Overcapacity in the commodity bleached Assessment paperboard market in North America and Europe has put downward pressure on finished ✓ Initiated business review; focus areas
Slide 7: Our Key Priorities to Drive Value Creation
Our Key Priorities to Drive Value Creation Opportunity to drive profitability and free cash flow independent of market conditions Step 3 Control the Select Portfolio controllables and Enhance Profitability Through Cost Optimization 1 Actions and Operational Efficiencies adjust to current macro envir
Slide 8: Enhance Profitability through Cost Actions, Operational Efficiency
1 Enhance Profitability through Cost Actions, Operational Efficiency Opportunity to build upon strong underlying assets and optimize earnings profile Industry-leading facilities driven Adj. EBITDA and % Margin1 Today by scale, asset efficiency and ($M, % Margin) vertical integration $1,876 Restore C
Slide 9: Update on Waco and Kalamazoo
1 Update on Waco and Kalamazoo North America’s most efficient and highest quality recycled paperboard manufacturing facilities Waco, Texas Kalamazoo, Michigan ◼ Waco commercial production ramping up after successful October 2025 start-up; quality on par with Kalamazoo ◼ Net recycled paperboard capac
Slide 10: Generate Significant Free Cash Flow
2 Generate Significant Free Cash Flow Levers in place to materially expand free cash flow from well-invested assets FCF Drivers Enhancing Future Free Cash Flow Profile FCF Yield1 (Adj. Free Cash Flow2 $M) (Adj. Free Cash Flow2/ Market Cap) Capital Spending at or $700 plus below 5% of Sales EBITDA $7
Slide 11: Focus on Disciplined Organic Growth and Exceptional Customer Service
3 Focus on Disciplined Organic Growth and Exceptional Customer Service Opportunity to deepen relationships with some of Volume % Growth the world’s biggest and most influential companies through greater levels of service and insights Normal Annual Quarterly Conditions (% Volume Growth) +3% New innov
Slide 12: Deploy FCF to Pay Down Debt and Return Capital to Shareholders
4 Deploy FCF to Pay Down Debt and Return Capital to Shareholders Direct pathway to deleveraging and shareholder return (Net Leverage2) Downtime Adjustment <4.2x Current Net Leverage Ratio 3.8x 3.2x 3.0x 2.8x ~3.8x ~3.8x3 <2.5x Driven higher by capital investment and EBITDA lag 2025 Dividend $/ Share
Slide 13: Q4 and Full-Year 2025 Results
Q4 and Full-Year 2025 Results Fourth Quarter and Full-Year 2025 Financials Q4 and 2025 Highlights ◼ Packaging volume: Q4 -1% / 2025 Flat ($M excl. EPS) Q4’25 Q4’24 Δ YoY 2025 2024 Δ YoY ◼ Packaging pricing: Q4 -1% / 2025 -1% Net Sales $2,103 $2,095 +0.4% $8,617 $8,807 (2.2%) ◼ Innovation Sales Growt
Slide 14: 2026 Guidance and Commentary
2026 Guidance and Commentary 2025 Results 2026 Guidance1 Net Sales $8.6B $8.4B-$8.6B Assumed Volume Range Flat -1% to +1% Reported $1.4B $1.05B-$1.25B Adj. EBITDA Pro Forma $1.3B2 $1.2B-$1.4B3 Adj. Free Cash Flow $169M $700M-$800M Adj. EPS $1.80 $0.75-$1.15 Capital Spending $935M ~$450M 1. Includes
Slide 15: Bridging 2025-2026 Adj. EBITDA and 2026 Adj. Cash Flow
Bridging 2025-2026 Adj. EBITDA and 2026 Adj. Cash Flow ($M) Adj. EBITDA ($M) Adj. Cash Flow 2025 Adj. EBITDA $1,395 2026 Adj. EBITDA $1,050-$1,250 Incentive Compensation (~$100) Capital Spending (~$450) 2025 PF Adjusted EBITDA1 ~$1,295 (burdened with incentive comp) Cash Tax ($45)-($55) Price/ Volum
Slide 16: Conclusion – Our Value Creation Plan
Conclusion – Our Value Creation Plan I Enhance profitability through cost actions and operational efficiencies II Generate free cash flow through inventory rationalization and reduced capital spending III Focus on disciplined organic growth and exceptional customer service IV Deploy free cash flow t
Slide 17: Appendix
Appendix
Slide 18: Sales by Market
Sales by Market Consumer affordability and changing consumption patterns impacting volumes Market Q4’24 2024 Q1’25 Q2’25 Q3’25 Q4’25 2025 Food Beverage Foodservice Household Health & Beauty Total >5% 2% to 5% -2% to 2% -2% to 5% >-5% 18 Note: YoY unadjusted; excludes sales from Russian subsidiary di
Slide 19: Seasonality
Seasonality Typical Patterns Seasonality Q1 Q2 Q3 Q4 Food 3 2 4 3 Beverage 2 5 4 2 Foodservice 1 3 3 5 Household 3 3 3 3 Health & Beauty 5 3 2 3 Total 2 3 4 3 ▪ Total Company: Relatively weaker Q1, relatively stronger Q3 ▪ Stronger Months: March, August, October ▪ Weaker Months: February, July, Dece
Slide 20: Supplemental Guidance Information
Supplemental Guidance Information ($M) 2026 Interest Expense $250-$270 Effective Tax Rate ~25% Depreciation & Amortization1 $500-$520 Year-End Net Leverage2 <4.2x 1. Excludes accelerated depreciation and amortization related to purchased intangibles. 19 2. Including the impact of any share repurchas
Slide 21: Graphic Packaging Holding Company
Graphic Packaging Holding Company
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